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Home/ When what you're doing in economics doesn't work, just do more of it

You can call a fish a duck, but that doesn't make it so. Does anyone else find it funny that people claiming to be anarchists - which is, by definition, being against government - are rioting in support of government? So many in the UK are angry at their government for "austerity measures." But, no matter what they call themselves, they all seem to believe that the government's Newspeak budget "cuts" (which, funny enough, actually amount to a 4% INCREASE in spending - from £669.3 billion to £696.8 - and 1% annual growth after that) are the exact opposite of what should be done to improve the economy.

Is it proper to claim for ourselves the earnings of another man's life? If so, should there be a limit on how much we can claim and what would be the limit? As the Bible prods us, should our principle be to act as our "brother's keeper?" How do we justify such a philosophy? Do you agree with the Keynesians that the best way to fix the economy is for the government to increase taxes and then spend more?

London was just hit by heavy riots as part of a protest against the "deep" and "savage" budget cuts of the Cameron government. This is not the first time the UK has endured riots. The welfare lobby, bureaucrats, and other recipients of taxpayer largesse are becoming increasingly agitated that their gravy train may be derailed.

The vast majority of protesters have been peaceful, but some hooligans took the opportunity to wreak havoc. These nihilists apparently call themselves anarchists, but are too ignorant to understand the giant disconnect of adopting that title while at the same time rioting for bigger government and more redistribution. My anarcho-capitalist friends must be embarrassed by the potential linkage with these hooligans.

Speaking of rage, Paul Krugman is equally dismayed with Prime Minister David Cameron's ostensibly penny-pinching budget. Summoning the ghost of John Maynard Keynes, Krugman asserts that such frugality is misguided when an economy is still weak and people are unemployed. Indeed, Krugman argues that the UK economy is weak today precisely because of Cameron's supposed austerity...

There are two problems with Krugman's column. The obvious problem is his unwavering support for Keynesian economics. I've addressed that issue here, here, here, here, and here, so I don't feel any great need to rehash all those arguments. I'll just ask why the policy still has adherents when it failed for Hoover and Roosevelt in the 1930s, failed for Japan in the 1990s, failed for Bush in 2008, and failed for Obama in 2009.

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